Mubadala, a holding company established and owned by the government of Abu Dhabi, is planning to invest $10 billion (£8 billion) into what is set to become the world’s largest venture capital fund, Bloomberg reports, citing sources familiar with the matter.
Japanese tech giant SoftBank announced last October that it planned to create a new $100 billion (£81 billion) VC fund in London. The fund is reportedly set to close in January.
When the fund was announced, SoftBank said it will be made up with $45 billion (£37 billion) from Saudi Arabia via the Kingdom’s Public Investment Fund, $25 billion (£20 billion) from SoftBank, and $35 billion (£28 billion) from other global investors.
Masayoshi Son, the billionaire chairman and CEO of SoftBank Group, said in a statement at the time: “With the establishment of the SoftBank Vision Fund, we will be able to step up investments in technology companies globally. Over the next decade, the SoftBank Vision Fund will be the biggest investor in the technology sector. We will further accelerate the Information Revolution by contributing to its development.”
Son, whose company operates technology and telecommunications companies worldwide, met with president-elect Donald Trump in December and told him that that he will invest half of the fund in the US, creating 50,000 new jobs in the process.
Over the last week, a number of tech giants have confirmed that they intend to contribute to the fund. Apple, for example, confirmed on Thursday that it plans to invest $1 billion (£800 million) to the fund.
“We’ve worked closely with SoftBank for many years and we believe their new fund will speed the development of technologies which may be strategically important to Apple,” an Apple spokesman told The Financial Times.
Other investors that have now been confirmed include Oracle founder Larry Ellison and chipmakers Foxconn and Qualcomm.
Masa (SoftBank) of Japan has agreed to invest $50 billion in the U.S. toward businesses and 50,000 new jobs….
— Donald J. Trump (@realDonaldTrump) December 6, 2016